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Statutes of Newfoundland and Labrador 2010


CHAPTER 19

AN ACT TO AMEND THE SECURITIES ACT

(Assented to June 24, 2010)

Analysis


        1.   S.14 Amdt.
Power of investigator or examiner

        2.   S.14.1 Added
Production orders

        3.   S.15 Amdt.
Detention of things seized

        4.   S.16 Amdt.
Examination or seizure of documents where privilege claimed

        5.   S.18 Amdt.
Report of investigator or examination

        6.   S.19 Amdt.
Non-disclosure

        7.   S.20 Amdt.
Disclosure by superintendent

        8.   S.122 Amdt.
Offences, general

        9.   S.123 Rep.
Consent of minister

      10.   S.142 Amdt.
Application to the Crown


Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

RSNL1990 cS-13
as amended

        1. (1) Subsection 14(4) of the Securities Act is repealed and the following substituted:

             (4)  A person making an investigation or an examination under section 12 or 13 may apply to a judge of the Provincial Court or a judge of the Trial Division in the absence of the public and without notice for an order authorizing the person or persons named in the order to enter and search a building, receptacle or place specified and to seize a thing described in the authorization that is found in the building, receptacle or place and to bring it before the judge granting the authorization, or another judge, to be dealt with by him or her according to law.

             (2)  Subsection 14(8) of the Act is repealed and the following substituted:

             (8)  For the purpose of subsections (4), (5) and (6), "building, "receptacle or place" includes a private residence.

 

        2. The Act is amended by adding immediately after section 14 the following:

Production orders

   14.1 (1) A judge of the Provincial Court or a judge of the Trial Division may order a person, other than a person who is the subject of an investigation,

             (a)  to produce a document or a copy of a document, certified by affidavit to be a true copy, or to produce data; or

             (b)  to prepare a document based on a document or data already in existence and to produce it.

             (2)  An order referred to in subsection (1) shall require the document or data to be produced within the time, at the place and in the form specified and to be given to an investigator, examiner or other person designated by the superintendent.

             (3)  A judge may make an order referred to in subsection (1) where he or she is satisfied on the basis of an application made in writing and on oath or affirmation and without notice that there are reasonable grounds to believe that

             (a)  a person has contravened or is contravening this Act, the regulations or the rules or is suspected to have contravened this Act, the regulations or the rules;

             (b)  the document or data will provide evidence respecting a contravention or suspected contravention of this Act, the regulations or the rules; and

             (c)  the person who is subject to the order has possession or control of the document or data.

             (4)  An order referred to in subsection (1) may contain terms and conditions that the judge considers advisable in the circumstances, including terms and conditions to protect a privileged communication between a lawyer and his or her client.

             (5)  The order referred to in subsection (1) may be revoked, renewed or varied.

             (6)  A copy of a document produced under this section, on proof by affidavit that it is a true copy, is admissible in evidence in proceedings under this Act and has the same probative force as the original document would have if it had been proved in the ordinary way.

             (7)  Notwithstanding section 17, copies of documents produced under this section are not required to be returned to the person who provided them.

 

        3. Subsection 15(1) of the Act is amended by deleting the words "of the Trial Division".

 

        4. (1) Paragraph 16(1)(b) of the Act is amended by deleting the words "Trial Division" and substituting the word "court".

             (2)  Subsection 16(3) of the Act is amended by deleting the words "of the Trial Division".

             (3)  Subsection 16(4) of the Act is amended by deleting the words "of the Trial Division".

             (4)  Subsection 16(9) of the Act is amended by deleting the words "of the Trial Division".

 

        5. (1) Subsection 18(1) of the Act is amended by adding immediately after the reference "section 14" the word and reference "or 14.1".

             (2)  Subsection 18(2) of the Act is amended by adding immediately after the reference "section 14" the word and reference "or 14.1".

 

        6. (1) Paragraph 19(1)(b) of the Act is repealed and the following substituted:

             (b)  the name of a person examined or sought to be examined under section 14, testimony given under section 14, information obtained under section 14 or section 14.1, the nature or content of questions asked under section 14, the nature or content of demands for the production of a document or other thing under section 14 or section 14.1, or the fact that a document or other thing was produced under section 14 or section 14.1.

             (2)  Subsection 19(2) of the Act is amended by adding immediately after the reference "section 14" the word and reference "or 14.1".

 

        7. (1) Paragraph 20(1)(b) of the Act is repealed and the following substituted:

             (b)  the name of a person examined or sought to be examined under section 14, testimony given under section 14, information obtained under section 14 or section 14.1, the nature or content of questions asked under section 14, the nature or content of demands for the production of a document or other thing under section 14 or section 14.1, or the fact that a document or other thing was produced under section 14 or section 14.1; or

             (2)  Subsection 20(5) of the Act is amended by adding immediately after the reference "section 14" the word and reference "or 14.1".

 

        8. (1) Subsection 122(1) of the Act is repealed and the following substituted:

 Offences, general

   122. (1) Every person or company that,

             (a)  makes a statement in material, evidence or information submitted to the superintendent, a person acting under the authority of the superintendent or a person making an investigation or examination under this Act that, in a material respect and at the time and in the light of the circumstances under which it is made, is misleading or untrue or does not state a fact that is required to be stated or that is necessary to make the statement not misleading;

             (b)  makes a statement in an application, release, report, preliminary prospectus, prospectus, return, financial statement, information circular, take-over bid circular, issuer bid circular or other document required to be filed or furnished under the securities law of the province that, in a material respect and at the time and in the light of the circumstances under which it is made, is misleading or untrue or does not state a fact that is required to be stated or that is necessary to make the statement not misleading;

             (c)  obstructs or interferes with an investigator, examiner or other person designated by the superintendent who is carrying out a duty under this Act, the regulations or the rules; or

             (d)  contravenes the securities law of the province,

is guilty of an offence and on conviction is liable to a fine of not more than $5,000,000 or to imprisonment for a term of not more than 5 years, or to both a fine and imprisonment.

             (2)  Subsection 122(4) of the Act is repealed and the following substituted:

             (4)  Every director or officer of a company or of a person other than an individual who authorized, permitted or acquiesced in the commission of an offence under subsection (1) by the company or person, whether or not a charge has been laid or a finding of guilt has been made against the company or person in respect of the offence under subsection (1), is guilty of an offence and is liable on conviction to a fine of not more than $5,000,000 or to imprisonment for a term of not more than 5 years, or to both a fine and imprisonment.

             (3)  Paragraph 122(5)(a) of the Act is amended by deleting the number "$1,000,000" and substituting the number "$5,000,000".

 

        9. Section 123 of the Act is repealed.

 

      10. Subsection 142(2) of the Act is amended by deleting the number "61" and substituting the number "14.1".